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A Data Set from a Sample of 399 Michigan Families

question 54

Essay

A data set from a sample of 399 Michigan families was collected. The data include family size (large or small), number of cars owned by family (1, 2, 3, or 4), and whether family owns a foreign car. Excel® produced the pivot table shown below. A data set from a sample of 399 Michigan families was collected. The data include family size (large or small), number of cars owned by family (1, 2, 3, or 4), and whether family owns a foreign car. Excel<sup>®</sup> produced the pivot table shown below.   Use this pivot table to determine how family size and number of cars owned influence the likelihood that a family owns a foreign car. Use this pivot table to determine how family size and number of cars owned influence the likelihood that a family owns a foreign car.


Definitions:

Operating Activities

Activities that relate directly to the running of a business for profit, including production, sales, and distribution.

Net Income

The amount of profit left after all operating expenses, taxes, and interest are deducted from total revenue.

Indirect Method

In cash flow statement preparation, refers to starting with net income and adjusting for non-cash transactions to calculate operating cash flow.

Accounts Payable

Liabilities of a business that represent amounts owed to creditors for goods and services received but not yet paid for.

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